Bitcoin Surges 10.4% to $103,881 After $312M Withdrawn from Binance
Bitcoin's price has increased by 10.4% over the past week, currently trading at $103,881. It has risen more than 24% in the last month, driven by optimism in crypto and traditional markets.
- The price remains about 4% below its January all-time high.
- Significant capital movements indicate bullish momentum, including a large outflow from Binance.
Bitcoin Exchange Outflows Indicate Accumulation
On May 12, over 3,000 BTC, worth approximately $312 million, were withdrawn from Binance, marking one of the largest daily outflows recently. This occurred alongside a new trade agreement between the US and China, which boosted the S&P 500 by over 3%.
- Binance's BTC reserves dropped from around 595,000 BTC in late February to 541,400 BTC by mid-May.
- Reducing exchange balances suggest preference for cold storage, indicating accumulation behavior among investors.
- The withdrawal coincided with easing US-China tariff tensions, leading to positive responses in capital markets.
Large holders are repositioning for potential gains by removing liquidity from exchanges to reduce sell-side pressure, reflecting a renewed risk appetite among market participants.
Macro Trends Affect Market Positioning
Recent BTC withdrawals illustrate how capital is shifting across asset classes due to macroeconomic developments. Long-term holders and institutional investors show increasing confidence in Bitcoin as part of diversified investment strategies.
- As traditional markets recover, lower exchange reserves and growing off-exchange holdings may enable another test of Bitcoin's all-time high.
- The next few weeks will be critical to determine if current inflows lead to a breakout or a consolidation phase.
